Subject: File No. 4-606
From: edward b smith, clu, rhu, chfc,cltc
Affiliation: registered representative, registered principal, cri securities

August 3, 2010

As a financial planner for 33 years I have witnessed many regulatory changes in response to economic events. The proposed regulations are again "after the fact" over reactions to problems created by relatively few and at a level not at where we deal with clients on an individual basis.Laws already exist to protect the public that have not been effectively enforced.

We already have an ethics duty to do right by our clients.We are required to pass licensing exams for insurance securities that educate us on our duties to our clients and the variuos laws in these areas.

We are required to pass 30 hours of insurance continuing education and ethics every 2 years. Annually we are required to pass Individual and firm element education in the securities area.

We are examined in our office by our branch office.

We are examined by our Broker Dealer for securities each year.

We are required to have up to 8 different forms completed and signed by a client to open a single account.A client opening an IRA, ROTH IRA, and an individual account therefore needs to sign up to 20 or more forms-this leads to complacency on behalf of clients who become overwhelmed as a result.

Our RIA has been under examination historically by the SEC.

All of this leads to various costs to our firm.

The proposed legislation simply adds a layer of complexity on top of complex rules already in effect. More importantly it creates uncertainty we are delaying our lease extension, delaying the hiring of employees, and have all discretionary spending on hold as a consequence of the proposed regulations in addition to the other actions being taken or not being taken in Washington.

I respectfully request that the proposed legislation not be enacted.

Edward B Smith, RHU, CLU, CHFC, CLTC

PS-did I mention we are an office of only three producers. Imagine the impact on the entire industry.